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November 13, 2011

Synageve BioPharma Announces Completion of Merger with Trimeris

LEXINGTON, Mass.— Synageva BioPharma Corp., a clinical stage biopharmaceutical company developing therapeutic products for rare disorders has announced that following the special meeting of shareholders on November 2, 2011, the Synageva and Trimeris, Inc. merger has closed.

“The closing of this merger marks a significant milestone for Synageva. The company has made the important transition from a private to a public company using an approach which provides an immediate increase in financial resources as well as an ongoing royalty stream and a NASDAQ listing”

The combined company, which now trades on the NASDAQ Global Market under the symbol “GEVA”, is called Synageva BioPharma Corp. and operates under the leadership of Sanj K. Patel, President and Chief Executive Officer. The company’s board of directors consists of representatives from both the former Synageva and Trimeris boards.

“The closing of this merger marks a significant milestone for Synageva. The company has made the important transition from a private to a public company using an approach which provides an immediate increase in financial resources as well as an ongoing royalty stream and a NASDAQ listing,” said Sanj K. Patel, President and Chief Executive Officer of Synageva. These funds will be used to advance our LAL Deficiency program towards commercialization and progress our other promising drug candidates. We remain focused on developing treatments that make a meaningful impact on the lives of patients suffering from rare diseases.”

Prior to the merger, Trimeris effected a 1-for-5 reverse stock split of its outstanding common stock. After giving effect to the reverse stock split, each former share of Synageva (on an as converted basis) was converted into the right to receive approximately 0.413 shares of the combined company’s common stock. All options and warrants of Synageva that were outstanding prior to the merger were assumed by the combined company in the merger. The combined company has approximately 17.5 million shares outstanding and, on a fully diluted basis, 19.4 million shares.

TULLIS HEALTH INVESTORS INC.

The firm was founded in 1986 by Jim Tullis, a leading health care investment banker and 14-time Institutional Investor All-Star. Under his leadership, the Tullis family of funds has been investing successfully and exclusively in privately held health care companies through several funds for over 30 years. Considered a pioneer in healthcare focused venture and growth capital, the team invests in all major areas of the healthcare industry. US-based, with an office in North Palm Beach, Florida, the firm also has international operations including a presence in Beijing. The team combines extensive operating and clinical experience in the US and globally, with a strong history of successful health care private equity investing.

Investment Approach

Tullis provides equity and equity-related capital to small and emerging health care companies.Tullis focuses on companies that have already established operations or have completed a substantial portion of their development process for new products, technologies and services. Many Tullis companies have generated meaningful revenue and require capital in order to reach value-enhancing milestones in a defined two- to four-year period. Others are research and development stage medical companies which have passed key milestones, but require additional capital to achieve commercial status.